Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SUN MARK LIMITED
COMPANY INFORMATION
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SUN MARK LIMITED
CONTENTS
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SUN MARK LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2020
Sun Mark Limited is a consumer goods company specialising in distribution and selling in international markets, particularly in Africa and the Middle East. The range of products is food, beverages, and toiletries.
2020 was the year the covid pandemic started and it brought substantial changes to the business environment as it spread across the world. Sun Mark felt the impact early as it saw its business affected from the Far East and then spread westwards. However, the company is in a robust sector and demand remained buoyant though with the greatest challenges coming from insufficient supply of product from manufacturers and the sharp increase in cost of logistics and the shortage of sea containers. Sun Mark Limited changed its accounting period to a closing date of 31st December as part of a long term strategy for the business. The difficult business conditions combined to give a lower operating profit than the previous year but the company remained profitable and, at the time of writing, has had a much improved 2021 despite the enduring pandemic.
The principal risks of the company are foreign exchange, credit risk and interest rate risk.
The company makes sales and purchases in foreign currencies so is exposed to fluctuations in these currencies. To mitigate the risk the company partly hedges on a forward budget basis and this has proved to be an effective strategy.
The company strictly monitors amounts outstanding from customers and grants credit only to established customers.
The company ensures that it has sufficient cash to meet interest payments. The level of borrowing is low relative to the size of the company.
The primary focus of the company is to increase sales of the company’s own brand products and develop new ones in line with end user tastes and requirements.
It will do this through building on existing distributor relationships and also develop new ones in new markets.
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SUN MARK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
This report was approved by the board on 21 April 2022
and signed on its behalf.
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SUN MARK LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the period ended 31 December 2020.
The directors are responsible for preparing the Strategic report, the Directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £
945,229
(2019 -
£
1,706,702
)
.
Ordinary dividends were proposed amounting to £Nil (2019: £204,000) of which £Nil (2019: £192,000) were paid during the period. The directors do not recommend payment of a further dividend.
The directors who served during the period were:
The Conservative Party and related organisations £155,707 (2019: £197,524). In addition to the above the company made £196,505 (2019: £83,824) of charitable donations.
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SUN MARK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
The Directors have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172 (1) (a-f) of the Companies Act 2006) for the decisions taken during the period ended 31 December 2020.
Our business has continued to grow successfully with all the risks related to trading, business development and financing well managed and satisfactorily accepted by our suppliers, customers and co-operative partners. Employees Our employees are our key asset and central to how we move forward as a business. We intend to retain people for the long term and our recruitment strategy is based on offering long, sometimes lifetime careers in fairly paid and stable jobs. Business relationships We value long term relationships with our customers and suppliers and many of our relationship span years. The company engages with its customers and suppliers to understand their business needs. We continued to work diligently to improve our services. Community, Environment and Reputation We believe that a positive and strong culture is the best way to ensure a high level of professional conduct when it comes to health and safety, environment, regulations or business dealings. We engage positively to follow the government regulations consistently. Shareholders Our shareholders engage fully with our strategy, objectives and performance.
The Company's greenhouse gas emissions and energy consumption for the period from 1 January 2020 to 31 December 2020 are:
- UK Energy Use: 385,873 kWh - Associated Greenhouse gas emissions due to UK energy use: 88 tCO2e - Intensity Ratio: 1.1 kgCO2e per sq.ft UK energy use covers gas, electricity and transport etc for the company.
ESOS methodology has been used to calculate the emissions and energy consumption information disclosed.
The company has taken actions to increase energy efficiency including moving to remote home working, implement use of video conferencing and reduce travel due to Covid in the reporting period.
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SUN MARK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
The ultimate controlling party has changed after the period end as a result of restructuring.
The auditors, MHA MacIntyre Hudson, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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SUN MARK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUN MARK LIMITED
We have audited the financial statements of Sun Mark Limited (the 'Company') for the period ended 31 December 2020, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to
report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or - the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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SUN MARK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUN MARK LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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SUN MARK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUN MARK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
London, United Kingdom
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SUN MARK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SUN MARK LIMITED
REGISTERED NUMBER:
03010238
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
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SUN MARK LIMITED
REGISTERED NUMBER:
03010238
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 14 to 34 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 DECEMBER 2020
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STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED
31 DECEMBER 2020
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Sun Mark Limited ("the company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Sun House, 428 Long Drive, Greenford, Middlesex, UB6 8UH. The presentational and functional currency is GBP. These financial statements are rounded to the nearest £1.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The
Company
is a parent
Company
that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the UK law and is therefore exempt from the requirement to prepare consolidated financial statements under
section 400 of the Companies Act 2006
.
The directors have assessed the impact of COVID-19 on the ability of the business to continue as a going concern including ensuring that the business continues to have sufficient headroom in its bank facilities. Being a food business, regarded as an essential sector in all countries, although there is a short term negative impact, the directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as a minimum for a period of at least 12 months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following basis:
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The depreciation rate changed during the period from 25% reducing balance to 25% straight line.
In the separate accounts of the company, interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects both current and future periods. Critical Judgements The following judgements have had the most significant effect on amounts recognised in the financial statements. Valuation of investment properties Investment properties measured at fair value at each reporting date with any revaluation gains or losses recognised in profit or loss. The accuracy of any such valuation will be affected by unexpected changes to the economic situation, and assumptions which differ from actual outcomes. As such, judgement is applied when determining the fair value of the investment properties. Useful lives of intangibles The charge in respect of periodic amortisation is derived after determining an estimate of an asset's expected useful life. The useful lives of the group's intangible assets are determined by management at the time the asset is acquired and reviewed at least annually for appropriateness. The lives are based on an estimated future period that economic benefit is expected to be derived.
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
12.
Taxation (continued)
After the year end, the UK Government passed legislation to increase the corporation tax rate from 19% to 25% with effect from 1 April 2023.
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Other intangible fixed assets relate to an exclusive distribution agreement. The full value of these intangible fixed assets will be amortised over 5 years, which is considered the expected life of such assets given the length of the agreement.
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 27
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 28
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
The 2020 valuations were made by directors, on an open market value for existing use basis.
On a historical cost basis the investment properties would have been included at an original cost of £564,554 (2019: £564,554).
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 30
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 31
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Other reserves
Profit and loss account
Page 32
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
The following prior year adjustments have been made:
1) The reversal of a non-contractual amount in relation to rebates due from a supplier in the year ended 31 August 2018. The amount was not recoverable as previously envisaged due to a change in business and economic circumstances and the supplier’s internal policy. As a result, trade creditors have increased by £2,996,197 and profit before tax for the year has decreased by £2,996,197 2) The reversal of prior year adjustment in relation to revenue recognition policy regarding goods in transit. As a result the opening reserve for year ended 31 August 2018 has increased by £585,996, the stock has decreased by £6,001,361 and trade debtors have increased by £6,587,357. 3) The above prior year adjustments have reduced the prior year's profit before tax and resulted in overprovision of the corporation tax liability. As a result, the corporation tax creditor has decreased by £457,938 and the profit after tax for the year has increased by £457,938.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £69,869 (2019 - £46,848). Contributions totalling £9,050 (2019 - £11,134) were payable to the fund at the reporting date and are included in creditors.
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SUN MARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
At the year end the immediate parent company was R&R International Ltd.
The ultimate controlling parties are considered to be Dr R Ranger and Mrs R Ranger at the period end. Following the group restructuring after the period end, the ultimate controlling party is Vinar N.V..
The parent undertaking of the smallest and largest group, which includes the company and for which group accounts will be prepared, is R&R International Ltd.
R&R International Ltd is incorporated in the United Kingdom. Copies of the financial statements for R&R International Ltd can be obtained from its registered office at Sun House, 428 Long Drive, Greenford, Middlesex, UB6 8UH.
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